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Personal Savings

25 Small Ways to Save Big

With the state of today's economy, more and more people are falling below the poverty line and struggling to make ends meet. It has become necessary to execute a bit of creativity in our money saving strategies. Below is a list of 25 small ways to save big:

1. Eliminate debt.

This may seem like a no-brainer, but it is the first step to saving money. Follow the suggestions below to cut back on needless expenses, consolidate loans and other debts, and get them paid off. Once this has been accomplished, a great burden will be lifted from you and you will actually be able to begin saving money.

2. Keep a record of your monthly expenses and make a budget plan.

Track where your money is going by writing down the amount you spend, on what, each day. At the end of the month you may be surprised how much you are spending on things you could do without.

3. Determine your priorities and get back to the basics.

Once you have determined where all of your dollars are being spent, decide which things you can cut down on or do without.

4. Cut up your credit cards.

The majority of people who own credit cards are spending money they don't have, and putting themselves into debt. Cut them up and eliminate the temptation.

5. Make a shopping list and stick to it.

Before you go shopping, make a list of what you are going to buy. Keep paper and pencil by the refrigerator and write items down as you discover you need them. At the store, go directly to the aisles where each item is located and do not browse for anything that is not written down. Do not stray from the items on the list.

6. Pay attention when you shop for groceries.

When shopping for groceries, pay special attention to prices. A 12 oz. package of meat may be marked at $3.00, while a 24 oz. package of the same meat and brand may be marked at $5.00. You could buy 2 of the smaller packages for $6.00, or save $1.00 by purchasing the larger package. Check expiration dates as well. If you cannot use the entire product before it spoils or goes bad, you would do best to make another selection. A tip to remember is that the items with a later expiration date are usually kept further back in the case.

7. Invest in freezer bags.

Many foods can be frozen. Buy extra meat when it is on sale and package and freeze it for future use.

8. Only carry minimal cash with you.

A large number of the people who are living check to check do not have a checking or savings account. They usually cash their paychecks for a fee and carry the cash with them until it is gone. In most instances, they are either broke or nearly broke before their next paycheck. Open a free checking or interest bearing savings account and only carry with you as much cash as you will need that day. If it is not in your pocket, you will not be as tempted to spend it.

9. Eat out less often.

Once you have kept a record of what you spend each day, you may be surprised to see how much you spend eating out each week. Instead of hopping in the car and heading to your favorite fast food restaurant on your lunch break, take your lunch to work with you. Fix more meals at home. It not only will save you money, but also is also much healthier.

10. Cut down on vehicle expenses.

If your vehicle is a gas-guzzler, sell it and invest in a more fuel-efficient model. Save on gas, as well as wear on your vehicle, by walking to nearby destinations or carpooling.

11. Cut utility bills.

There are a number of ways to cut utility bills. Buy fluorescent, energy saving light bulbs, dry clothes on a clothesline instead of a dryer, fill the washing machine to full capacity, wash dishes by hand, and close doors to rooms that you are not using to save on heating and cooling costs.

12. Lower your Cable bill.

How often do you use those premium channels you pay for? Can you do without them? Is it really worth what you pay to watch a few shows a week?

13. Have your paycheck directly deposited.

Set up direct deposit for your paychecks and have the deposit split between your checking account and an interest bearing savings account. This way, you are forcing yourself to save a little out of each check.

14. Buy generic or cheaper brands.

Generic brands are usually of as good a quality as name brands. With name brands, you are generally paying that extra expense for the packaging and the household name. If you take prescriptions, discuss with your doctor and pharmacist about buying the generic form of the drug.

15. Try to quit or cut back on expensive habits.

Habits are hard to break. When you discover how much you are really spending on that habit though, it becomes a little easier to give up.

16. Eat healthy and exercise.

If you are eating healthy and exercising regularly, the chances of your getting sick are drastically reduced. If you don't get sick, you don't have to pay a doctor or buy medication.

17. Evaluate your insurance plans.

Examine your car, health, life, and any other insurance plans you have. Can you get equal coverage at a lower cost with another plan? Are you paying for extras you don't use?

18. Cut down or eliminate CD and DVD purchases or rentals.

Many songs can be downloaded from the computer. Avoid buying an entire CD for that one song you love so much. Many movies can be viewed for free online as well.

19. Cancel any music, movie, or book clubs.

Most music, movie, and book clubs make it seem like you are getting a good deal. Where the majority of these clubs hit your pocketbook is in their featured selections offered each month. If you forget to send back the card informing them that you don't want this month's selection, you are automatically sent the selection - along with the bill.

20. Don't make impulse purchases.

Avoid buying items spontaneously. If you see something you want to purchase, resist the temptation to buy it on impulse, and think about it for a couple of days. Evaluate how much you really need that item.

21. Get rid of the Game System. A wide variety of games can be played on the computer at no charge. If you or your child is a gamer, get rid of the system and play online games instead.

22. Arrange for automatic bill payments.

Most bills can be paid online, and the majority can automatically be deducted from your checking or savings account on the same day each month. While this ensures that you will not be charged late fees, as well as saves on postage, it may not be the best plan for everyone. You must be sure that money will be in your account to avoid overdraft charges.

23. Educate yourself on home repair.

Learn how to do your own home repairs and avoid paying a professional. You can receive instruction on just about any subject by searching online.

24. Plant a garden and learn to can.

Not only can you save a large amount of money by planting your own garden, fresh vegetables are much better than store bought. Teach yourself how to can and enjoy the vegetables, and the savings, all year long.

25. Invest in the help of friends and family.

If you can't fix something that needs fixing, find someone who can. Invest in the knowledge of friends and family who are willing to lend a helping hand.

By implementing these suggestions into your daily routine, you should begin to see an increase in your savings. While the results will not be immediate, your efforts should become evident in a few months.